EANS-Adhoc: Century Casinos, Inc. Announces First Quarter 2011 Results (with document)

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Company Information

13.05.2011

Colorado Springs, Colorado - May 13, 2011 - Century Casinos, Inc.
(NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three months ended March 31,
2011.

First Quarter 2011 Highlights

• Net operating revenue was $17.1 million, a 21% increase compared to the
three months ended March 31, 2010.

• Net earnings per share was $0.02 compared to $0.01 for the three months
ended March 31, 2010.

• Adjusted EBITDA* was $2.5 million, a 27% increase from the three months
ended March 31, 2010.

| | For the Three Months
|
|Amounts in thousands, except share and per |
|
|except share and per share data | Ended March 31,
|
|Consolidated Results: | 2011 | 2010 | %
Change |
| Net operating revenue | $17,115 | $14,137 | 21%
|
| Earnings from operations | 756 | 350 | 116%
|
| Net earnings | 364 | 130 | 180%
|
| | | |
|
|Adjusted EBITDA* | $2,524 | $1,984 | 27%
|
| | | |
|
|Basic and diluted earnings per share: | | |
|
|Net earnings | $0.02 | $0.01 | 100%
|
|Weighted-average common shares: | | |
|
|Basic | 23,711,176 | 23,542,576 |
|
|Dilutive | 24,001,288 | 23,759,999 |
|

"We are very pleased with our performance for the first quarter,
especially when considering that each of our operations posted
revenue increases and overall earnings from operations more than
doubled," said Erwin Haitzmann and Peter Hoetzinger, Co-Chief
Executive Officers of Century Casinos. "Initial results for the first
half of the second quarter indicate further improvement", they
continued.

First Quarter 2011 Results

Net operating revenue increased by $3.0 million or 21% for the three
months ended March 31, 2011 compared to the three months ended March
31, 2010. The increase in revenue is partially attributable to the
addition of the Century Casino Calgary, which contributed an
additional $0.8 million in net operating revenue during the three
months ended March 31, 2011 compared to the prior year quarter. In
addition, $0.8 million in revenue was added primarily by the
additional seven ship based casinos in operation for the three months
ended March 31, 2011 compared to the prior year quarter. Revenue in
Edmonton, Central City and Cripple Creek also increased by $0.4
million, $0.2 million and $0.6 million, respectively from the three
months ended March 31, 2010. Finally, the increase can be partially
attributable to a 5% increase in the average exchange rate between
the U.S. dollar and Canadian dollar.

Total operating costs and expenses increased by $2.5 million or 18%
for the three months ended March 31, 2011 compared to the three
months ended March 31, 2010. Total operating costs and expenses
increased by $1.1 million at the Century Casino Calgary during the
three months ended March 31, 2011 compared to the prior year quarter
due to increased marketing expenses, the addition of a player´s club
point redemption program, additional staffing costs in order to
provide improved customer service and the 5% increase in the average
exchange rate between the U.S. dollar and Canadian dollar. In
Canadian dollars, total operating costs and expenses in Calgary
increased by $1.0 million or 58% for the three months ended March 31,
2011 compared to the prior year quarter.

Total operating costs and expenses also increased by $0.5 million
compared to the three months ended March 31, 2010 as a result of
higher concession and annual fees paid to cruise ship operators for
the rights to operate ship based casinos. Total operating costs and
expenses at our Colorado properties increased by $0.4 million for the
three months ended March 31, 2011 compared to the prior year quarter
due to increased gaming taxes as a result of higher gaming revenues
and increased staffing costs in order to provide improved customer
service. Finally, total operating costs and expenses increased by
$0.2 million at our property in Edmonton due to the 5% increase in
the average exchange rate between the U.S. dollar and Canadian
dollar. In Canadian dollars, total operating costs and expenses in
Edmonton remained flat at $4.2 million for the three months ended
March 31, 2011 compared to the prior year quarter.

Net earnings increased by $0.2 million or 180% for the three months
ended March 31, 2011 compared to the three months ended March 31,
2010. The increase is due to increases in earnings from operations at
our Edmonton, Central City and Cripple Creek properties offset by
losses from operations at our Calgary property and the 5% increase in
the average exchange rate between the U.S. dollar and Canadian
dollar.

Net earnings per share ("EPS") increased to $0.02 for the three
months ended March 31, 2011 from $0.01 for the three months ended
March 31, 2010.

Property Results (Continuing Operations)
(in thousands)

| |Net Operating Revenue |Adjusted EBITDA*
|
| |For the Three Months |For the Three
Months |
| |Ended March 31, |Ended March 31,
|
| | 2011 | 2010 | 2011 | 2010
|
|Century Casino & Hotel, Edmonton | 5,753 | 5,360 | 1,839 | 1,649
|
|Century Casino, Calgary | 2,588 | 1,742 | 98 | 179
|
|Century Casino & Hotel Central City | 4,400 | 4,172 | 959 | 921
|
|Century Casino & Hotel Cripple Creek | 2,837 | 2,265 | 530 | 192
|
|Cruise Ships & Other | 1,535 | 598 | 232 | 157
|
|Corporate | 2 | - | (1,134) |
(1,114) |
| | | | |
|
|Consolidated | 17,115 | 14,137 | 2,524 | 1,984
|

Balance Sheet and Liquidity

As of March 31, 2011, the Company had $20.7 million in cash and cash equivalents
and $11.2 million in debt obligations on its balance sheet compared to $21.5
million in cash and cash equivalents and $13.5 million in debt obligations at
December 31, 2010.

Conference Call Information

Today the Company will post a copy of the Form 10-Q filed with the
SEC for the first quarter of 2011 on its website at
http://corporate.cnty.com/en/investor-relations/sec-filings/.

Century Casinos will host its first quarter 2011 earnings conference
call on May 13, 2011 at 10:00 am MDT; 6:00 pm CET, respectively. U.S.
domestic participants should dial 1-800-862-9098. For all other
international participants please use +1-785-424-1051 to dial in.
Participants may also listen to the call live or obtain a recording
of the call on the Company´s website at
www.cnty.com/corporate/investor/financial-results/.

(continued)
CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION - US GAAP BASIS

| | For the three months |
| | ended March 31, |
|Amounts in thousands, except for share | | |
|information | 2011 | 2010 |
|Operating revenue: | | |
| Gaming | $14,825 | $12,582 |
| Hotel, bowling, food and beverage | 3,243 | 2,765 |
| Other | 935 | 579 |
| Gross revenue | 19,003 | 15,926 |
|Less: Promotional allowances | (1,888) | (1,789) |
|Net operating revenue | 17,115 | 14,137 |
|Operating costs and expenses: | | |
| Gaming | 6,931 | 5,433 |
| Hotel, bowling, food and beverage | 2,511 | 2,110 |
| General and administrative | 5,368 | 4,943 |
| Depreciation | 1,641 | 1,489 |
|Total operating costs and expenses | 16,451 | 13,975 |
|Earnings from equity investment | 92 | 188 |
| | | |
|Earnings from operations | 756 | 350 |
|Non-operating income (expense): | | |
| Interest income | 2 | 8 |
| | | |
| Interest expense | (246) | (291) |
| | | |
| Gains on foreign currency transactions and | | |
| other | 75 | 243 |
| | | |
|Non-operating income (expense), net | (169) | (40) |
| | | |
|Earnings before income taxes | 587 | 310 |
|Income tax provision | 223 | 180 |
|Net earnings | $364 | $130 |
| | | |
|Earnings per share: | |
| Basic | $0.02 | $0.01 |
| Diluted | $0.02 | $0.01 |

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION - US GAAP BASIS

|Century Casinos, Inc. |
|Condensed Consolidated Balance Sheets |
|(Amounts in thousands) |
| | March 31, | December 31,|
| | 2011 | 2010 |
|Assets | | |
|Current Assets | $22,965 | $23,467 |
|Property and equipment, net | 104,243 | 103,956 |
|Other Assets | 9,438 | 9,303 |
|Total Assets | $136,646 | $136,726 |
| | | |
|Liabilities and Shareholders´ Equity | | |
|Current Liabilities | $12,270 | $14,057 |
|Non-Current Liabilities | 11,111 | 11,171 |
|Shareholders´ Equity | 113,265 | 111,498 |
|Total Liabilities and Shareholders´ Equity | $136,646 | $136,726 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Century Casinos, Inc.
Adjusted EBITDA Margins ** by Property (Unaudited)

| | For the Three |
| | Months |
| | Ended March 31, |
| | 2011 | 2010 |
|Century Casino & Hotel, Edmonton | 32% | 31% |
|Century Casino, Calgary | 4% | 10% |
|Century Casino & Hotel, Central City | 22% | 22% |
|Century Casino & Hotel, Cripple Creek | 19% | 8% |
|Cruise Ships & Other | 15% | 26% |
|Consolidated | 15% | 14% |
|Adjusted EBITDA Margin | | |

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property
(Unaudited) For the Three Months Ended March 31, 2011 and 2010
Amounts In thousands

| | Three Months Ended March 31, 2011
|
| | Edmonton | Calgary | Central | Cripple | Cruise Ships
|Corporate | Total |
| | | | City | Creek | & Other |
| |
|Earnings (loss) | 895 | (163) | 196 | 168 | 118 |
(850) | 364 |
|Interest income | (2) | - | - | - | - | -
| (2) |
|Interest expense | 244 | - | - | - | - | 2
| 246 |
|Income taxes | 342 | 34 | 107 | 104 | 2 |
(366) | 223 |
|Depreciation | 365 | 189 | 655 | 258 | 112 |
62 | 1,641 |
|Non stock based | | | | | |
| |
|compensation | - | - | - | - | - |
96 | 96 |
|Foreign currency | | | | | |
| |
|(gains) losses | (5) | 38 | - | - | - |
(108) | (75) |
|Loss on disposition | | | | | |
| |
|of fixed assets | - | - | 1 | - | - |
30 | 31 |
|Adjusted EBITDA* | 1,839 | 98 | 959 | 530 | 232 |
(1,134) | 2,524 |

| | Three Months Ended March 31, 2010
|
| | Edmonton | Calgary | Central | Cripple | Cruise Ships
|Corporate | Total |
| | | | City | Creek | & Other |
| |
|Earnings (loss) | 719 | 94 | 162 | (60) | 67 |
(852) | 130 |
|Interest income | (8) | - | - | - | - | -
| (8) |
|Interest expense | 289 | - | - | - | - | 2
| 291 |
|Income taxes | 281 | 39 | 86 | (37) | 2 |
(191) | 180 |
|Depreciation | 343 | 41 | 672 | 289 | 88 |
56 | 1,489 |
|Non stock based | | | | | |
| |
|compensation | - | - | - | - | - |
143 | 143 |
|Foreign currency | | | | | |
| |
|(gains) losses | 25 | 5 | - | - | - |
(165) | (135) |
|Impairments and | | | | | |
| |
|other write offs | - | - | - | - | - |
(108) | (108) |
|Loss on disposition | | | | | |
| |
|of fixed assets | - | - | 1 | - | - | 1
| 2 |
|Adjusted EBITDA* | 1,649 | 179 | 921 | 192 | 157 |
(1,114) | 1,984 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

* The Company defines Adjusted EBITDA as earnings (loss) before
interest, income taxes, depreciation, amortization, pre-opening
expenses, non-cash stock based compensation charges, asset impairment
costs, gains (losses) on disposition of fixed assets, discontinued
operations, realized foreign currency gains (losses) and certain
other one-time items. Intercompany transactions consisting primarily
of management and royalty fees and interest, along with their related
tax effects, are excluded from the presentation of net earnings and
Adjusted EBITDA reported for each property. Not all of the
aforementioned items occur in each reporting period, but have been
included in the definition based on historical activity. These
adjustments have no effect on the consolidated results. Adjusted
EBITDA is not considered a measure of performance recognized under
accounting principles generally accepted in the United States of
America. Management believes that Adjusted EBITDA is a valuable
measure of the relative performance. The gaming industry commonly
uses Adjusted EBITDA as a method of arriving at the economic value of
a casino operation. Management uses Adjusted EBITDA to compare the
relative operating performance of separate operating units by
eliminating the above mentioned items associated with the varying
levels of capital expenditures for infrastructure required to
generate revenue, and the often high cost of acquiring existing
operations. EBITDA (Earnings before interest, taxes, depreciation and
amortization) is used by the Company´s lending institution to gauge
operating performance. The Company´s computation of Adjusted EBITDA
may be different from, and therefore may not be comparable to,
similar measures used by other companies. Please see the
reconciliation of Adjusted EBITDA to earnings (loss) from continuing
operations above.

** The Company defines Adjusted EBITDA margin as Adjusted EBITDA
divided by net operating revenue. Management uses this margin as one
of several measures to evaluate the efficiency of the Company´s
casino operations.

About Century Casinos, Inc.: Century Casinos, Inc. is an
international casino entertainment company that owns and operates
Century Casino & Hotels in Cripple Creek and Central City, Colorado,
and in Edmonton, Alberta, Canada and the Century Casino in Calgary,
Alberta, Canada. The Company also operates casinos aboard eleven
luxury cruise vessels (Regatta, Insignia, Nautica, Marina, Mein
Schiff 1, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager,
Seven Seas Mariner and Seven Seas Navigator) and signed contracts for
casinos on two additional ships (Oceania Cruises´ Riviera and TUI
Cruises´ Mein Schiff 2) that are expected to start operations in the
coming months. Through its Austrian subsidiary, Century Casinos
Europe GmbH, the Company holds a 33.3% ownership interest in Casinos
Poland Ltd., the owner and operator of seven full casinos in Poland.
The Company also manages the casino at the Radisson Aruba Resort,
Casino & Spa in Aruba, Caribbean. Century Casinos, Inc. continues to
pursue other international projects in various stages of development.

For more information about Century Casinos, visit our website at
www.centurycasinos.com. Century Casinos´ common stock trades on The
NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol
CNTY.

This release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the beliefs and assumptions of the
management of Century Casinos based on information currently
available to management. Such forward-looking statements include, but
are not limited to, future results of operations, expected
competition, the impact of new gaming laws, plans for our casinos and
the impact of the economic downturn. Such forward-looking statements
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially from the
forward-looking statements include, among others, the risks described
in the sections entitled "Risk Factors" under Item 1A in our Annual
Report on Form 10-K for the year ended December 31, 2010. Century
Casinos disclaims any obligation to revise or update any
forward-looking statement that may be made from time to time by it or
on its behalf.

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issuer: Century Casinos,Inc.
c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2
A-1030 Wien
phone: +43/664/3553935
FAX: +43/1/5336363
mail: peter.hoetzinger@cnty.com
WWW: www.cnty.com
sector: Casinos & Gambling
ISIN: AT0000499900
indexes: WBI, ATX Prime
stockmarkets: official market: Wien
language: English

ots Originaltext: Century Casinos,Inc.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com

Branche: Casinos & Gambling
ISIN: AT0000499900
WKN:
Index: WBI, ATX Prime
Börsen: Wien / official market